Financial Aid

Tuition & Other Charges

A cost and fee schedule is available at all times from either the admissions office, the business office, or the financial aid office. Tuition and fees are subject to change without notice; however, the administration and faculty will attempt to advise students if a change is likely to be made. Tuition and room and board charges are established by the Board of Trustees. Fees and special assessments are set at the discretion of the administration. The cost and fee schedule is also available on www.indianatech.edu

Payment Options

Indiana Tech offers two payment options for remitting your portion of the cost of the education.

Traditional: The traditional method of paying for the college experience is to have the bill paid prior to the beginning of the semester. This means that your payment is due before the first day of class in any given semester. Inter-term and summer school charges are due prior to the session start date.

Payment Plan: Indiana Tech offers a payment plan through CashNet and can be setup through your my.indianatech.edu account and click on ‘My Account Manager’ from the ‘My Account tab’. Monthly payments are due the 1st of the month and the first payment for the Fall Semester is due August 1st and the first payment for the Spring Semester is due by January 1st. The cost for this payment plan is $40 per semester.

All accounts may be charged a $50.00 late fee per month (maximum of 3 months) on the unpaid balance after September 30th. No student may receive a transcript or diploma until all financial obligations to the university have been met. The student will be responsible for all collection fees if the account is turned over to an outside agency.

Withdrawal Policies

Should a student find it necessary to withdraw completely from the university, a prorated refund of tuition will be granted through the end of the fifth week of attendance. In order to qualify for such a tuition refund, the student must complete official withdrawal forms with the approval of his/her advisor. The registrar’s office must be notified in order for the withdrawal to be official. The deadlines for withdrawal and prorated refunds allowed are listed below:

Tuition adjustments will not be made, nor will tuition be refunded for individual courses dropped after the fifth day of classes. Withdrawal forms must be filed with your advisor promptly; otherwise, the withdrawal will not be considered official. The refund policy does not apply to any student who is dismissed from the university because of misconduct.

Students who are participating in the Title IV programs who find it necessary to withdraw completely from all classes will have their federal aid assessed based on the total actual days of completion. The assistance is calculated based on the percentage of time as documented by the withdrawal date provided by the registrar’s office. Charges owed to Indiana Tech are calculated based on the above Institutional Refund Policy.

The federal refund policy will be calculated and applied to students who:

1. Withdraw on or before the 60% point of the enrollment period for which the aid was intended.
2. Receive Title IV federal student financial assistance for the period indicated in No. 1.

The refund policy is calculated for all students receiving federal aid. The net refund to Title IV programs will be applied in the following order:

• Federal Direct Unsubsidized Stafford Loan
• Federal Direct Subsidized Loan
• Federal Perkins Loans
• Federal Direct Plus and Plus Graduate Loan
• Federal Pell Grants
• Federal SEOG Grant
• Other Title IV Assistance

Dropping/Adding Courses

A student may drop, without fee, or add individual courses in the first five days of a fall or spring term or the first three days of a summer term. The last calendar date to drop or add an individual course is given by the official Schedule of Courses for a given term. No tuition adjustments will be made, nor will tuition be refunded for any individual course dropped after the expiration of the drop/add date.

In order to be officially withdrawn from any course, a student must complete withdrawal which will be approved by his/her advisor. Such withdrawals, however, will not be considered in effect until filed with the Office of the Registrar.

Books

Tuition costs includes textbook rental. The required textbooks will be distributed at the beginning of each semester. At the close of each semester, the textbooks must be returned to the university bookroom. Textbooks that are not returned will be considered purchased by the student; the student will be billed for the text(s). Limited graduate courses require e-books which will be billed separately.

Federal and State Aid

In order to qualify for federal aid, eligible students must submit a Free Application for Federal Student Aid (FAFSA). The application may be accessed at www.fafsa.ed.gov.

The various types of financial aid are listed below.

Federal Programs

Federal College Work-Study: The purpose of the Federal College Work-Study Program is to afford part-time employment to qualified students needing help to defray the costs of their education. This program has limited funding and is available to students that demonstrate financial need. Students must have and maintain a 2.0 GPA to participate in this program. Funds are limited in this program and are awarded accordingly.

Federal Pell Grant: The Federal Pell Grant is awarded to students who enter recognized post-secondary educational programs and demonstrate exceptional financial need. The maximum award changes yearly, and is dependent on your financial need as well as your status as a full-time or part-time student.

Federal Perkins Loans: The U.S. Government makes low-interest need based loan funds available to needy students. No interest accrues on this type of loan as long as you are enrolled in an eligible degree seeking program at least half time. Repayment of the loan starts after the student ceases to carry at least six (6) credit hours. Loans are awarded on a first-come, first-served basis for this limited type of funding.

Federal PLUS Loan: A Federal Parent Loan for Undergraduate Students is available to students’ parents through the Direct Loan program of the U.S. Department of Education. Repayment begins within 60 days of disbursement of the full loan unless the parent chooses to defer loan payments. Simple interest is charged.

Federal Subsidized Stafford Student Loans: Need based loans are available to U.S. citizens and permanent residents through the Direct Loan program of the U.S. Department of Education. No interest accrues on this type of loan as long as you are enrolled in an eligible degree seeking program at least half-time. Check with the financial aid office for annual limits. Repayment begins six months after graduation or withdrawal.

Federal Supplemental Educational Opportunity Grants: Federal Supplemental Educational Opportunity Grants (SEOG) are made available to qualified students who demonstrate exceptional financial need. Only students receiving the Pell grant are eligible for this type of limited funding.

Federal Unsubsidized Stafford Loan: This is a low interest rate loan through the Direct Loan program of the U.S. Department of Education, where repayment by the student begins six (6) months after graduation or withdrawal. While no payments are required while enrolled in school at least half-time, interest will accrue during this time.

State Programs

Grants-in-Aid: Under the provision of Public Law 565, the federal government and state jointly provide funds for scholarship grants-in-aid to students who have physical or mental impairments, which constitute vocational handicaps. The State Vocational Rehabilitation Division is responsible for the determination of the grants, which generally pay tuition and some fees.

Freedom of Choice Grants: Early in 1973, the Indiana State Legislature approved a new “Freedom of Choice” law to help make it possible for students with financial need to attend independent colleges rather than state institutions in Indiana, if they prefer. The program will help Indiana students who qualify under the Indiana Higher Education Grant Program to make up the difference between cost at preferred privately supported colleges and the cost of similar programs of study at state colleges or universities. Students must be defined as Indiana residents and have their FAFSA at the Federal Processor by March 10.

21st Century Scholars: Indiana’s 21st Century Scholars is a needs and performance-based program that provides students the opportunity to earn up to a four-year scholarship at an Indiana college or university. Hoosier students who meet income criteria can enroll during their 7th- or 8th-grade year of middle school. Students commit to maintaining academic success, remaining drug and alcohol free, and completing college-preparation activities. Scholars are provided resources and assistance to help them plan and prepare for college and pay for expenses not covered by their scholarship.

Financial Aid Policies

Financial Aid Standards for Satisfactory Academic Progress

In order for a student to continue eligibility for financial assistance, he/she must maintain satisfactory progress. Academic records of financial aid recipients will be reviewed after the completion of each semester of the academic year. Failure to meet these standards after one semester will result in the student being placed on financial aid warning. Failing to meet the required standards after two semesters will result in termination of all financial aid.

The following procedure is followed with regard to financial aid terminations: When termination of assistance is required, the financial aid office will notify the student and, if applicable, the parent of that action in writing. At that time, the student will be given a two-week time limit to request reinstatement of financial aid eligibility. Documentation of unusual circumstances, which affected the student’s progress, must be submitted before any further action is taken on the student’s behalf. An Appeal for Financial Aid Reinstatement form is available on our financial aid website. The standards of Satisfactory Academic Progress are measured both qualitatively and quantitatively. The quantitative measure requires a minimum progressive accumulation of academic credits. Students must successfully earn 67 percent of the credits attempted at Indiana Tech. The qualitative measure requires maintenance of a specific minimum grade point average.

GPA Requirements

• First two semesters of undergraduate enrollment as a freshman student: 1.5 GPA
• After first two semesters of undergraduate enrollment or past the freshman level: 2.0 GPA
• First two semesters of graduate enrollment: 2.5 GPA
• After first two semesters of graduate enrollment: 3.0 GPA

The following will have an effect on the student’s progress. Therefore, before a decision is made to withdraw from a course, the student should be sure to review and meet the minimum hour and cumulative GPA requirements noted above. The following will affect a student’s degree progression:

Length of Financial Aid Eligibility

Students may not exceed 150 percent of the maximum published credit hours required for the degree program. The following information indicates the maximum amount of attempted credit hours the student may have to receive financial assistance. Students who transfer from another university will be measured based upon their previous degree and expected major of study while enrolled at Indiana Tech. Transcripts are reviewed individually to determine all available transfer credit in their new major at Indiana Tech.

Academic progress includes all semesters the student has been in attendance, not just the semester the student has received aid. A student must assure that he/she will meet the minimum enrollment requirements before withdrawal from any registered course.

Pre-professional & Pre-graduate Programs

Many graduates of Indiana Tech elect to enter a professional or graduate school upon completion of their undergraduate studies. The engineering, science, and business curricula provide not only valuable backgrounds for careers within the individual fields but in law and medicine, as well. A student planning to enter a professional or graduate school should obtain information as to the entrance requirements of such institutions and should arrange his/her program at Indiana Tech accordingly. The department head will direct the student to the persons most closely acquainted with the professional or technical field concerned. The curricula at Indiana Tech furnish a sound background for entrance into the professional and graduate schools. Financial assistance is available to those students continuing in master’s programs and the Ph.D. program through Indiana Tech. Contact the financial aid office for available funding.